FirstFT: Credit Suisse to name Ulrich Körner as chief

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Credit Suisse defined Appoint Ulrich Koerner as its new CEO, who will replace Thomas Gutstein, whose departure will bring to an end one of the most turbulent periods in the 166-year history of the Swiss bank.

The appointment of Koerner, who heads the bank’s asset management division, will be announced this morning when Credit Suisse reports second-quarter results, according to four people with knowledge of the plans.

Christian Meissner, head of the lender’s investment bank, also plans to leave, having joined over a year ago. But its release will not be announced today, people with knowledge of the matter said.

Koerner rejoined Credit Suisse in March last year, having previously worked at UBS, where he ran the asset management business.

Gutstein’s tenure was marred by twin crises last year, the collapses of specialist finance firm Greenseal Capital and family firm Archegos. It has also been dogged by a series of historic scandals that sent the bank’s share price to a three-decade low this month.

Gutstein became CEO in February 2020 after an embarrassing corporate espionage scandal prompted the sudden departure of his predecessor, Tidjane Thiam.

Thanks for reading FirstFT Europe/Africa – Jennifer

1. Rishi Sunak undertakes to cancel the VAT on household energy bills The former British chancellor revealed plans for this Temporary cancellation of value added tax on energy bills If he is elected prime minister as he sought to halt the momentum behind Foreign Secretary Liz Truss in the Tory leadership contest.

  • What’s next to level up? In the Northeast, some towns have developed economic revitalization plans, encouraged by the Conservative government’s revitalization plan. But there is Afraid Westminster will lose interest with a change of leadership.

2. Gas prices in Europe soar after Russia deepens supply cuts There are gas prices in Europe Soared by 30 percent In two days after Russia deepened supply cuts to the continent, in Moscow’s latest attempt to kiss the energy supply. EU ministers yesterday signed a softened deal to reduce gas consumption by 15% during the winter.

3. The European banking regulator is ‘concerned’ about finding a crypto team Jose Manuel Campa, chairman of the European Banking Authority, which is tasked with overseeing Europe’s bid to regulate cryptocurrencies, said the regulator’s ability Hiring a special team was a “big concern”Highlights concerns about authorities’ ability to oversee digital asset markets.

4. Italy has announced to stick to the €200 billion Covid recovery plan The next government of the country Can’t expect Brussels to renegotiate The European Union’s economic commissioner, Paolo Gentiloni, warned in an interview that the foundations of the EU-funded recovery plan must be met and the reform promises made by Rome must be met.

5. Consumer product groups reveal accelerated price increases Unilever, Coca-Cola and McDonald’s revealed the impact of inflation yesterday, and responded with price increases which will cause additional pressure on households. The prices of Unilever brands rose by an average of 11.2% in the second quarter and will rise further, the company said yesterday.

The day ahead

Strikes in the UK The rail workers in the RMT union will strike The last in a series of breaks above salary levels. Asalaf, which represents the train drivers, is counting the votes on its industrial ballots for the wage awards.

Fed interest rate decision The Federal Reserve is expected to further tighten US monetary policy in the second 75 basis point raising interest rates, while at least one top governor is backing the Federal Open Market Committee to go even further. June Durable goods orders Demand for cooling is expected to decrease. (FT, WSJ)

Company profits In another big day of results, companies reporting include Airbus, Boeing, Danone, Deutsche Bank, GSK, Lloyds Banking Group, Mercedes-Benz, Meta, Rio Tinto and UniCredit. see our Newsletter a week ahead for the full list.

What else are we reading?

Turkey’s new power plant defies net zero promise Nested campaigns on Hunutlu site “catastrophe” worth $2.17 billionbuilt with Chinese money and fueled by Russian coal, which they say threatens local marine life and makes a mockery of Ankara’s promises to tackle climate change.

Can Eutelsat compete in the space race? French satellite operator Eutelsat and money-losing British startup OneWeb Going for the moon shot: A merger that stakes their future on Elon Musk’s SpaceX challenge and Jeff Bezos’ Kuiper project. Do they have a chance to disrupt the space industry of yesteryear?

The new group will bring together Eutelsat's large geostationary satellites with OneWeb's smaller, lower Earth orbit satellites

The new group will bring together Eutelsat’s large geostationary satellites with OneWeb’s smaller, lower Earth orbit satellites © FT montage/Roscosmos via Reuters

Wall Street: Don’t Touch That Delete Button! It shouldn’t be difficult to save documents correctly. As conversations have gone paperless to fax, phone and email, the legal requirements to maintain important communications for litigation and regulatory purposes. But some businesses still take an old-fashioned approach, Brooke Masters writes.

Joseph Burrell: The time has come to decide on the nuclear deal with Iran The High Representative of the European Union for Foreign Affairs and Security Policy presented a text detailing the best deal that could be given, as a negotiator, in his view. In the “Financial Times”, he explains Why is this the best way forward?.

Mike Pence takes on Donald Trump There is a heated conflict between former running mates turned political foes as both eye a 2024 run for the White House, with The former vice president is challenging his old boss With a plea for Republicans to break with the past.

what to expect

In our summary of the The best of TV and streaming this weekDan Einav reviews three-part series Big Oil against the world, which looks for the culprits of climate change; The new detective drama under the banner of heaven; and Australian series the news readerFeaturing an outstanding performance by Anna Torv.

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